More than 40% of U.S. households will owe no federal income tax, down from last year, according to a new analysis.
Down from 57% during the pandemic with a 10yr avg of 44%.
That is the highest number in the first world but Reagan, Bush and Trump tax cuts were for the rich who end up paying more of the whole than ever and anywhere else on earth.
The parts of the economy that have, has and will see the largest gains are technology.
Let’s rail against corp taxes, dividend and realized capital gains taxes and pretend that they are all too low despite being double taxation and accumulated not too low in the slightest.
That 40% of households that pay no taxes is largely made up of full time students, 1/3 of which are above the age of 65 and are assumed to be retires.
https://www.cnbc.com/2022/10/28/more-than-40percent-of-us-households-will-owe-no-federal-income-tax-for-2022.html
Almost 60% of non-payers make less than $30,000 and another 28% make between $30,000 and about $60,000. Only about 0.6% of the top 20% of earners — or those making about $190,000 or more — will pay no federal income taxes this year.
It would be really great of those leaches making less than $30,000 a year started paying their fair share.